Oil Rises as Saudi, Venezuela Supply Cuts Eclipse Boom in U.S. - Bloomberg

Oil Rises as Saudi, Venezuela Supply Cuts Eclipse Boom in U.S. - Bloomberg:

Oil climbed for a second day as dwindling shipments from two of the world’s biggest crude exporters eclipsed another big jump in U.S. supplies.

Futures in New York closed up 1.5 percent, reaching the highest point in a week. The rally came as the International Energy Agency warned that turmoil in Venezuela could disrupt global flows of heavy crude and after Saudi Arabia said it would extend its own cuts. A U.S. Energy Department report showed higher-than-expected domestic inventories but plummeting imports.

The inventories increase was “kind of shocking," said Phil Streible, senior market strategist at RJO Futures in Chicago. “But the import data was much lower than expected. so eventually, we are going to burn off some of that excess."